Quinn poised to takeover Barlo

24 March 2004

The Quinn Group is on the verge of taking over Barlo plc after offering €84 million for the company, €14 million more than a controversial management buyout (MBO) bid. Sarcon, a Northern Ireland-registered subsidiary of the Quinn Group, announced at midday that it would offer 48 cents a share or €84 million for Barlo. That figure is €14 million or 20 per cent higher than the 40 cents a share/€70 million tabled last month by Melgan, the MBO vehicle led by Barlo chief executive Dr Tony Mullins and backed by executive board members and members of the Barlow family. In a statement, Mr Carroll and Mr Farrell said they "intended unanimously to recommend that Barlo shareholders accept the offer". The Quinn Group is a private company controlled by Cavan-based businessman Sean Quinn. It has interests in cement, glass, hotels, building materials, insurance and stockbroking.